During the week ending October 11, India’s domestic hot-rolled coil (HRC) prices experienced a slight correction. The lack of actual demand growth led to a fading of the recent optimism brought by China’s stimulus measures.

As of October 11, domestic HRC prices in India were 48,000-48,750 INR/ton (approximately 572-581 USD/ton EXW), down by 250-500 INR/ton from the previous week’s 48,500-49,000 INR/ton.

Export Strategy to Relieve Domestic Pressure

To mitigate pressure in the domestic market, Indian steel mills are focusing on increasing exports. As of October 11, HRC export prices at major Indian ports ranged from 540-580 USD/ton, compared to the previous week’s 570-580 USD/ton. The lower range primarily targets buyers in the Middle East, while the higher range is aimed at European customers.

Import Prices Remain Stable

In terms of imports, HRC prices at major Indian ports remained steady at 485-495 USD/ton, unchanged from the previous week.